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Analyze the manufacturing variance for Toyota Motor Corporation's automobile division for the month of April 2024. The standard cost per unit of production is $10,000,
Analyze the manufacturing variance for Toyota Motor Corporation's automobile division for the month of April 2024. The standard cost per unit of production is $10,000, and the actual cost per unit is $11,000. Additionally, 5,000 units were produced during the period. Determine the total manufacturing variance and its components (i.e., price variance and efficiency variance). Interpret the results and provide possible explanations for the variances.
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